Updates

Enquest

November 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Investors took Enquest’s interim results badly but the problem wasn’t the fact that profit before interest and tax fell from US$150m to US$33.6m, a function of both lower average oil prices (from US$62 to US$52 / barrel) and average production (from 42,520 boepd to 37,015 boepd), itself a factor of natural field decline. The problem was that commissioning at the new Kraken field, which achieved first oil on 23 June, is taking longer than expected due to equipment issues and Enquest now expects it to reach peak levels in H1 ’18.As a result JP Morgan Cazenove has downgraded FY’17 from net profit of US$16m to a loss of US$65m, with a net profit of US$106m expected in FY’18.Kraken will provide a ...

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Enquest - Forecast to nearly double oil production to 70,000 boepd by FY19 (June 2018)

Enquest - Kraken oil field will transform cash generation (May 2018)

Enquest - Giant Kraken field achieves first oil (August 2017)

Enquest (June 2017)

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Enquest - Â£82m equity fund raising boosts balance sheet (December 2016)

Enquest - 43% growth in production (November 2016)

Enquest - North Sea oil firm eyes strong production growth (June 2016)

Enquest - Shares rally as oil bounces (March 2015)

Enquest - North Sea oil producer to double production to 50,000 bopd by 2018 (August 2014)

EnQuest - Pipeline shut-down a small blip (October 2012)

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Enquest - North sea oil group eyes doubling in production and reserves (June 2012)

Enquest - Eyes 40,000 bopd in 2014 (March 2012)

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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